Are you Interested in Purchasing a 2nd Home?
Did you know you may be able to purchase a 2nd home with as little as 5% down payment? I have recently found several inquires involving questions with respect to minimum down payment requirements. Most people are of the opinion that there is a minimum down payment requirement of 20% which puts this option out of a reach for most. That is not the case.
I recently arranged a mortgage for a client who wanted to help her daughter and son in law get into a new home, but they could not qualify for the mortgage on their own, we did a new house purchase with 5% down.
I also assisted some other clients in purchasing a vacation home that they can enjoy with their family. These clients used their Home Equity Line of Credit to come up with the minimum 5% down payment requirement.
I have a number of lenders who offer mortgages under their 2nd Home Program. Below are just some of the benefits to this program.
Please note subject property must be owner occupied. Related family members in most cases satisfy the requirements for owner occupied.
Quick Facts - Benefits
Purchase a home with as little as 5% (must be below $500,000, otherwise 10% of everything over $500,000 for a down payment)
Access to the lenders best rates, so won’t be penalized
Exercise the lenders pre-payment privileges to pay down your mortgage faster
Can you your existing homes equity to come up with the down payment
Purchase a vacation home
Purchase a home for your children
Turn your current home in to a rental so you upgrade your house